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Heat Exchanger Market Size

Report ID: GMI3169
Published Date: Jan 2024
Report Format: PDF

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Heat Exchanger Market Size

Heat Exchanger Market was valued at USD 16.1 billion in 2023 and is likely to showcase CAGR of 8.4% between 2024 and 2032, on account of mounting investments across heavy-duty industrial operations coupled with growing energy consumption across heating & cooling systems in building infrastructure. For instance, as per the data by the European Union, heating & cooling constitutes for about half of the total energy consumption within the EU.

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Growing setup of new chemical & petrochemical facilities along with the discovery of new conventional & unconventional hydrocarbon reserves across different geographies will unveil new opportunities for heat exchanger industry expansion. In addition, continuous innovations & product advancements by the key industry participants to boost the operational capabilities & flexibility of heat exchanger units will play a pivotal role in shaping the industry dynamics.

Heat Exchanger Market Report Attributes
Report Attribute	Details
Base Year:	2023
Heat Exchanger Market Size in 2023:	USD 16.1 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	8.4%
2032 Value Projection:	USD 33 Billion
Historical Data for:	2019 to 2022
No. of Pages:	430
Tables, Charts & Figures:	430
Segments covered:	Technology, Application, and Region
Growth Drivers:	New initiatives to keep a check on the rising carbon footprint Influx of new investments across industrial infrastructure Stringent emission norms by respective administrations
Pitfalls & Challenges:	Significant maintenance requirements and associated operational expenses

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Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The market size of heat exchanger was worth over USD 16.1 billion in 2023 and is set to expand at 8.4% CAGR from 2024 to 2032, driven by the mounting investments in heavy-duty industrial operations coupled with growing energy consumption across heating & cooling systems in building infrastructure.

Air-cooled heat exchanger industry is projected to attain over 8% growth rate between 2024 and 2032, attributed to their widespread use in refineries, gas processing facilities, power generation plants, and petrochemical installations due to their efficient heat transfer and cost-effectiveness.

Asia Pacific heat exchanger market size surpassed USD 5.8 billion in 2023 and is poised to expand at a notable growth rate through 2032, owing to the significant growth across various industries including petrochemicals, chemicals, energy, and manufacturing.

Some of the top heat exchanger firms are ALFA LAVAL, SPX FLOW, Xylem, Danfoss, API Heat Transfer, FUNKE Wärmeaustauscher Apparatebau GmbH, Thermowave GmbH, Doosan Power Systems, LARSEN & TOUBRO LIMITED, Koch Heat Transfer Company, Thermofin, Mason Manufacturing LLC, and Wessels Company, among others.